Oregon Property Tax Deferral for Disabled and Senior ...

1 150-490-015-1 (Rev. 11-16-21) 2022 Oregon Property Tax Deferral for Disabled and Senior Citizens(ORS )This booklet includes the application to apply for Property tax up-to-date information, check your completed application with the county assessor s office after January 1 and by April 15 or from April 16 and by December 1 with a late filing fee paid to the county. If approved, the Department of Revenue will begin paying your 2022 23 Property taxes on November 15. Before you file your application with the county assessor, make sure you: Complete and sign your application. Complete the income and assets worksheet. Complete the reverse mortgage insert (Form OR-RMI) if applicable. Include the late filing fee if filing a copy of your: 2021 22 Property tax statement. Social Security Disability award letter, if applying for the Disabled program. Doctor s statement, if you re not living on the Property because of medical reasons.

2 Power of Attorney form, if you have a designated power of attorney (see attached). Trust (when applicable, a copy of the complete trust must be submitted).Your application can t be processed without this (Rev. 11-09-21) 1 Publication OR-PTDAs a Disabled or Senior homeowner, you can borrow from the State of Oregon to pay your Property taxes to the county. How does the program work?If you qualify for the program, Oregon Department of Revenue will pay your county Property taxes on November 15 of each year. To participate, you must file an application with the county assessor either by April 15, or file late from April 16 to December 1 and pay a fee. A lien will be placed on your Property and we will become a security interest holder. Upon disqualification or cancellation from the program, the following must be repaid in full before the lien or security interest on the Property will be released: Your Property taxes that have been paid by Department of Revenue.

3 The accrued interest (6 percent annually). The cost of recording and releasing the lien. A $ filing fee on manufactured is the value of the lien on my Property determined?The lien amount is an estimate of future taxes to be paid and interest to be charged based on your current tax and life expectancy tables. Who qualifies?By April 15, you must meet all of the following requirements:1. You must be either: 62 years old or older, or Disabled and receiving or eligible to re-ceive federal Social Security Disability You must own the Property , and have a recorded deed in your name. Your prop-erty held under an irrevocable trust or a life estate isn t eligible for the Deferral You must have both owned and lived on the Property for at least the last five years. If you lived away from the Property due to medical reasons, you must attach a medical statement on letterhead from your health-care provider.

4 The letter must state that you are required to be away from the home for health-related reasons. 4. If you haven t lived in and owned your home for the last five years, you may still qualify for the program if you downsized. You must meet the following criteria: Your previous home was in the Property Tax Deferral program. The new home must have a lower real market value (RMV). You must sell the old home and purchase the new home within a 1-year time frame. You must not finance more than 80 percent of the purchase price of the new home. You must satisfy the Deferral lien on the prior you meet these criteria, contact us and we will send you a supplemental You must have homeowners insurance that covers fire and other Your household income must not exceed the annual limit (2022 limit is $51,000). Household income includes all taxable and non-taxable income of the applicant(s) and their spouse(s) that reside in the home for the prior calendar OR-PTD Property Tax Deferral for Disabled and Senior Homeowners2150-490-015 (Rev.)

5 11-09-21) 2 Publication OR-PTD7. Your net worth is less than $500,000. This doesn t include the value of the home under the Property Tax Deferral program or personal Either: You don t have a reverse mortgage, or You were on the Property Tax Deferral program with a reverse mortgage prior to 2011 or you have acquired a reverse mortgage in years 2011-2016 (See Form OR-RMI for more details). 9. The real market value of your homestead as shown on the 2021-22 tax statement is less than the limit allowed by statute (see the table at ).Joint ownersIf you own the Property with someone else, all owners must apply jointly and meet all the qualifications. These requirements don t apply to joint owners who are married. The spouse isn t required to apply, but must qualify for the program if they do apply. Disabled applicants must provide a copy of their federal social security disability award letter.

6 Joint owner(s) are still required to apply, but are not required to be Disabled , or meet age Spouse and Disabled HeirsIf one spouse applied and qualified for the program and the other spouse didn t apply, then if the active spouse on the program dies, the surviving spouse will need to reapply as a surviving spouse applicant to qualify and continue on the program. If you obtained the homestead due to being a Disabled heir and the prior owner had taxes deferred on the homestead, you may qualify to continue tax Deferral for the homestead. You will need to apply as a Disabled heir to qualify and continue on the program. As a surviving spouse or a Disabled heir that has inherited the home from a deceased par-ticipant, you are not required to have owned or lived in the home for the preceding 5 years. The number of years that the deceased par-ticipant owned and lived on the Property will also be considered for your eligibility.

7 You will need to apply for Deferral by the next April 15th or within 180 days from the date of the deceased participant s death, whichever date is later. You will have 2 years from the date of the previous participant s death to obtain the recorded deed to the I add someone to the deed or title?Contact us if you would like to add someone to the deed or title of the Property while you re in the Deferral program. Adding someone other than your spouse or registered domestic partner may cause your Property to be dis-qualifiedDo I qualify if I owe delinquent taxes?Yes, you may have current and future taxes deferred, but you ll still be responsible to pay any delinquent taxes and interest to your my delinquent Property taxes be paid by the state under the Deferral program?No. However, if you qualify for Deferral , you may apply for a Delay of Foreclosure with your county for your delinquent county taxes.

8 A Delay of Foreclosure may only be used for real Property taxes. It doesn t apply to taxes on floating homes and manufactured struc-tures that are considered personal Property . If approved by the county, the Delay of Fore-closure prevents the county from foreclosing while you re under the Property Tax Deferral program. It doesn t prevent your mortgage company from foreclosing. 3150-490-015 (Rev. 11-09-21) 3 Publication OR-PTDWhat if I have a mortgage?If approved for Deferral , notify your mortgage compa ny that the State of Or e gon will be pay-ing your Property taxes through the Deferral program. If your mortgage company holds funds to pay the taxes (escrow account), you will need to send them a copy of your defer-ral approval letter with a letter requesting that the escrow account not pay the Property tax (ORS ). Real market value (RMV) limitationYour home must be under the RMV limita-tion for your county or the RMV minimum cap amount of $250,000, whichever is greater.

9 The limitation is based on the median value of residential homes in your county and the number of years you have continually owned and lived in the county median RMV is determined by the county assessor s office each year. To view the RMV by county, visit prior year s RMV of your home (as shown on your 2021 22 tax statement) is used to determine if you meet this in multi-unit buildingIf your homestead is a multi-unit building, only the portion of the building that you live in, and the tax lot that it is on, will qualify for tax I have Property tax Deferral and a veteran s exemption?Yes; see Disabled Veteran or Surviving Spouse Property Tax Exemption for more information at I need to apply for Deferral each year?No, but every two years after you re approved, you ll need to certify that you still meet all of the qualifications. When it s time to recertify, we ll send you a recertification is the difference between inactivation and disqualification?

10 A person is inactivated from the Deferral pro-gram if they fail to recertify when requested or they no longer meet program eligibility requirements. The Deferral balance doesn t become due at that time. The Property owner is then responsible for paying the Property inactivated person may be able to reinstate their account by reapplying for the program. Applications are accepted January 1 through April 15 each person is disqualified from the Deferral pro-gram if they move, change home ownership, or die. The disqualified person is removed from the Deferral program and the Deferral balance is due. A person that has been disqualified can only be reinstated if they pay off the prior lien balance in payments be made on the account?Yes. You may pay all or part of your defer-ral account and continue to defer current and future Property taxes. Others (relatives or friends) may also make payments on your account.